The Shark Tank

COVID-19 has turned the world upside down. The pandemic required a quick shift into virtual jobs because the only way to stay safe was to quarantine. Now that the pandemic has lessened from the horrors of the pre-vaccines time in 2020, people are more comfortable being out and about. However, remote work during the pandemic continues to benefit many companies.

Working remotely became the societal norm for most companies during the pandemic. They were able to see that employees do not necessarily need to be in the office to be productive. Remote work also offers better work-life balance for employees by allowing more flexibility to them, which has a long-term benefit for the company. Below are more ways that remote work benefits a company.

Decreased Cost

Because less employees will use the office, office supplies and furnishings, like desks and computers, will be of less use, thus decreasing operating costs. Overhead costs shrink because utilities and upkeep of the office becomes less frequent; leases, furnishings, insurance, and other fees are reduced when employees are working from home.

Increased Productivity

Distractions from co-workers significantly decrease when working from home, resulting in more productive employees. Also, flexible schedules allow for employees to work when they are most productive, rather than the standard times, which allows them to work more efficiently during the times that they are working, thus increasing profitability with wages.

Better Employees

In-person office jobs require employees to either live in the same city as the office or be relocated. With remote work, companies do not have to limit their search pool for the best local employee and are able to source the best talent, regardless of where they may live. More qualified candidates can be hired even if they live across the world, thus resulting in more profitability for the company.

Higher Retention Rate

A majority of employees value flexibility in their jobs. When a job is more flexible, there are limited reasons for outside factors to determine their desire to find a new job. Flexibility keeps employees happy and reduces the need for a company to find a replacement. Hiring is a very costly job, so retaining employees is vital to promote profitability.

COVID taught the world many lessons that will be carried over into the new post-pandemic world. For businesses, it exemplified a way to increase profits through remote work. Knowing this, in October of 2021, 74% of companies planned to permanently shift to remote work, and many other companies increased their flexibility of remote work in order to increase profitability.